LIC Faces Rs 57.2 Crore GST Demand For Excess ITC In FY21

Life Insurance Corp. of India on Monday said tax authorities have slapped a demand notice of about Rs 57.2 crore on it for excess Input Tax Credit availed for the financial year 2020-21.

The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.

The financial impact of the demand is to the extent of the GST (Rs 31.04 crore), interest (Rs 23.13 crore) and penalty (Rs 3.10 crore), it said.

There is no material impact on financials, operations or other activities of the corporation, it added.